LinkedIn29 Sep 2023 09:37
“You’ve probably not heard of Clare Cole, a senior director at the Financial Conduct Authority. Clare made some waves this week – for daring to deliver a slap down to the UK media for the dire state of the London stock market.
She deserves huge credit for raising her head above the parapet, publicly stating what so many Entrepreneurs, Business Leaders and City professionals know to be true. Sadly, few have Clare's strength of character to speak out.
It’s big news because it’s not the kind of thing a Regulator typically does. But at a City summit this week, Clare blamed a torrent of “very negative” media coverage for the miserable state of the UK market.
“Another point I think we need to think about is just the atmosphere we create for companies here. We are very negative about our Entrepreneurs and our listed issuers,” she said.
Erm, I agree with you here Clare 🤣 But also, so does UK Finance, a body representing over 300 City institutions. UK Finance said in its recent report that the “perception of the approach and attitude of the media had an oversized influence when considering whether to join the UK markets”.
The LSE’s CEO, Julia Hoggett, was also speaking at the same summit, and she piled in too. Julie called for a review of why private markets are now an “incredibly attractive alternative” to the LSE.
The FCA, LSE and UK Finance, the bedrock of the City, are each making it clear that Entrepreneurs and Boards are swerving the LSE because of an almost certain hammering they’ll receive in the media.
But if we’re serious about pulling the LSE out of its nosedive, surely the next step is to properly investigate the drivers behind such a negative media approach? Is it not time the FCA, LSE and UK Finance pool resources to take a look at cosy relationships between some hedge funds, bankers and media outlets?
If a lack of resources is what’s holding us back, maybe the Gambling Commission could be drafted in. Given that the LSE is now more akin to a gambling platform, like Betfair or Betfred, the Gambling Commission’s experience could be invaluable.
The no nonsense reputation of the Gambling Commission across the betting industry is a real success. Small anomalies in betting patterns during sporting events are publicly scrutinised, with huge fines regularly issued to bookmakers for rogue behaviour, and gaming licenses revoked.
Unlike the FCA, the Gambling Commission is independent of UK Government, out of reach of any wealthy hedge fund or City donors - this can only be a good thing.
And so, if the LSE is so important to the UK, maybe it’s time to get to the bottom of the problem, and bring in more help to support Clare and others brave enough to speak out.
#LSE #Entrepreneurs #LondonMafia”
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